AJC Jewel Sets Stage for ₹15.39 Crore SME IPO to Strengthen Finances and Expand Operations
AJC Jewel Manufacturers Limited, a prominent jewelry producer based in Kerala, is preparing to enter the capital markets with an SME IPO worth ₹15.39 crore. The company plans to utilize the funds primarily for debt repayment and capacity enhancement, marking a strategic milestone in its business journey.
The IPO will open for public subscription on Monday, June 23, 2025, and will close on Thursday, June 26, 2025. Post-subscription, the equity shares will be listed on the BSE SME platform, offering investors exposure to the organized jewelry manufacturing sector.
As per the offer document, AJC Jewel will issue 16.20 lakh fresh equity shares in the price range of ₹90 to ₹95 per share. Retail investors can bid in minimum lots of 1,200 shares, amounting to an application size of ₹1,08,000 at the higher end. Meanwhile, HNIs are required to apply for at least three lots (3,600 shares), equating to ₹3,42,000 at the upper limit.
Founded in 2018, AJC Jewel has quickly built a reputation for its high-quality 22K and 18K gold ornaments, including earrings, necklaces, rings, and bracelets. Headquartered in Malappuram, the company is eyeing a significant reduction in debt with this public issue — ₹8.90 crore out of the proceeds has been earmarked for clearing outstanding loans. As of December 2024, its total borrowings stood at ₹18.41 crore.
Additionally, ₹2.63 crore will be allocated toward upgrading manufacturing infrastructure, particularly the procurement of new machinery to enhance operational efficiency.
Financially, the company has demonstrated strong momentum. Its revenue nearly doubled from ₹127.40 crore in FY22 to ₹246.84 crore in FY24, with a net profit of ₹1.85 crore reported for the nine months ending December 2024.
Upon completion of the IPO, the promoters’ stake will dilute from 76.85%, while retaining a controlling interest. The promoter group includes Mr. Ashraf P, Mr. Kunhimohamed P, and Ms. Fathima Jasna Kottekattu.
Important dates to watch include:
- Allotment finalization: June 27, 2025
- Demat credit: June 30, 2025
- Listing date: July 1, 2025
Smart Horizon Capital Advisors Pvt Ltd is the lead manager for the IPO, and Bigshare Services Pvt Ltd will serve as the registrar.
Check Important Document of AJC Jewel IPO
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